Navteq, CNL and American Seafoods on deck

Busy calendar buoyed by institutional buying

By

SteveGelsi

NEW YORK (CBS.MW) -- A $1 billion initial public offering from Philips Electronics' Navteq Corp. digital mapping unit and two other hefty debuts planned by CNL Hospitality Properties and American Seafoods await the IPO market in coming days.

As many as 17 IPOs are crowding next week's calendar against a stock market backdrop marked by choppy trading conditions.

Not all the deals will likely get done, however. And while the IPO market has seen many successful deals, average gains are muted amid price discounting.

Charles Biderman of Trim Tabs said that despite pullbacks in the market, the market's appetite for new stocks remains healthy, based on rising company buybacks and healthy demand from retail investors.

Navteq on deck

Chicago-based Navteq
NVT, +0.22%
plans to offer 39.17 million shares at $20.50 to $22.50 per share in a bid to raise up to $881 million with CS First Boston and Merrill Lynch.

The provider of digital map information rang up net income of $9.7 million and revenue of $79.5 million in the first quarter, compared to $15.5 million earned on revenue of $52 million in the year-ago period.

Originally incorporated in 1985 as Karlin & Collins, the company was reincorporated in Delaware in 1987 as Navigation Technologies Corp.

In February 2004, its name was changed to Navteq Corp.

Philips
PHG, +0.07%
owns 83 percent of the company, with plans to sell about 41 percent of the map-content firm to the public in the IPO.

The Navteq deal marks the second major IPO involving Philips in recent days.

LG.Philips
LPL, +4.13%
a flat-panel screen maker that's 50 percent owned by Philips, went public on July 22 at $15 per share. It's now trading at around $14.50.

CNL Hospitality

CNL Hospitality Properties Inc.
CHO, -0.81%
a real estate investment trust, plans to offer 35 million shares at $19 to $21 each in a bid to raise about $700 million with underwriters Banc of America Securities, Goldman Sachs and UBS Investment Bank.

Orlando, Fla.-based CNL Hospitality owns stakes in 130 hotels and resorts in 37 states, the District of Columbia and Canada, comprising approximately 32,000 rooms.

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